A closed account on your credit report is generally a credit card, loan or another form of credit that can no longer be used to make new charges. A card may be closed by the cardholder or the issuer. Depending on the circumstances of its closure, an account can remain on your credit report for up to 10 years after the closure date.
What should I do if my credit report is closed?
If you have a closed account on your credit report, what you need to do next depends on whether you know why it was closed and if the information is correct. No action required. If you asked the creditor to close the account or you paid off a loan, there’s nothing necessary for you to do. Contact your lender.
What happens if an account is closed?
Closed accounts can decrease your credit age, which can drop your credit score. If an account is still active, follow these steps to avoid credit damage. Question: I have an auto loan with Ally about 3 years remaining. The loan is current and never late. I have great credit, FICO 777.
